Hankook has revealed year-on-year
sales growth of over 40% in its ultra-high performance (UHP)
tyre business, helping the company record sales of over one
billion US dollars for the first time in its
history.
Hankook once again, exceeded
market expectations with global sales increasing 18.4%
year-on-year. The company also recorded operating profit of
7.4% in the first quarter of 2008. Sales within the UHP
business accounted for US$96.6 million and sales to OE
manufacturers also increased by 15.7% year-on-year.
Mr. Seung Hwa Suh, Global CEO of
Hankook Tire said, "Our long-term and consistent investments
continue to strengthen our technology, and the surge in sales
for our high-end products reflects our growing reputation for
providing high-quality, high-performance tyres."
Rising supply costs continue to
shape a challenging business environment for all tyre makers.
Hankook Tire cost of sales, which include investments
throughout its production facilities to increase production
capacity to 74 million tyres by the end of 2008, increased by
21.9%.
Mr. Suh continued, "The tyre
industry is fiercely competitive and it is critical that we
continue to manage costs effectively, while balancing
investment to ensure sustained future growth. We continue to
take a long-term view. Demand for our quality products
continues to outstrip supply and we are continuing to increase
production in all countries where we are manufacturing."
Hankook
tyres are marketed in Oman by
their authorized sole distributor by Oman Trading
Establishment, an OTE group of company with strong
distribution and service network spread across Oman
